The valuation of $Microsoft(MS

The valuation of $Microsoft(MSFT)$ and $Oracle(ORCL)$ is only attractive if you think that AI will turn good. If AI turns bad then they need to write off their LLM investments and are stuck with contacts for data centers and electricity that will be above what they can charge customers.

Microsoft And Oracle May Be Bargain Stocks, According To This Analysis

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":531407007769824,"tweetId":"531407007769824","gmtCreate":1770759728740,"gmtModify":1770759732975,"author":{"id":4181780932310392,"idStr":"4181780932310392","authorId":4181780932310392,"authorIdStr":"4181780932310392","name":"Rainy777","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":21,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>The valuation of&nbsp;<a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$&nbsp;</a><v-v data-views=\"0\"></v-v> and&nbsp;<a href=\"https://ttm.financial/S/ORCL\">$Oracle(ORCL)$&nbsp;</a><v-v data-views=\"0\"></v-v> is only attractive if you think that AI will turn good. If AI turns bad then they need to write off their LLM investments and are stuck with contacts for data centers and electricity that will be above what they can charge customers.</p></body></html>","htmlText":"<html><head></head><body><p>The valuation of&nbsp;<a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$&nbsp;</a><v-v data-views=\"0\"></v-v> and&nbsp;<a href=\"https://ttm.financial/S/ORCL\">$Oracle(ORCL)$&nbsp;</a><v-v data-views=\"0\"></v-v> is only attractive if you think that AI will turn good. If AI turns bad then they need to write off their LLM investments and are stuck with contacts for data centers and electricity that will be above what they can charge customers.</p></body></html>","text":"The valuation of $Microsoft(MSFT)$ and $Oracle(ORCL)$ is only attractive if you think that AI will turn good. If AI turns bad then they need to write off their LLM investments and are stuck with contacts for data centers and electricity that will be above what they can charge customers.","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/531407007769824","repostId":2610201628,"repostType":2,"repost":{"id":"2610201628","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1770729786,"share":"https://ttm.financial/m/news/2610201628?lang=en_US&edition=fundamental","pubTime":"2026-02-10 21:23","market":"sg","language":"en","title":"Microsoft And Oracle May Be Bargain Stocks, According To This Analysis","url":"https://stock-news.laohu8.com/highlight/detail?id=2610201628","media":"Dow Jones","summary":"The recent pressure on the software sector means some stocks backed by strong fundamentals are now trading at bargain levels.Two high-profile examples are Microsoft $(MSFT)$ and Oracle $(ORCL)$,...","content":"<html><head></head><body><p>The recent pressure on the software sector means some stocks backed by strong fundamentals are now trading at bargain levels.</p><p>Two high-profile examples are Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and Oracle <a href=\"https://laohu8.com/S/ORCL\">$(ORCL)$</a>, whose shares have fallen in recent months over dual concerns around massive artificial-intelligence spending and a potential slowdown in their software businesses. But that means these stocks now trade at attractive price/earnings multiples compared with the S&amp;P 500 SPX, and with much better two-year projections for sales growth than the index as a whole.</p><p>Microsoft&#39;s stock is also cheap by Big Tech standards. Within the &#34;Magnificent Seven&#34; stocks, only <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> (META) has a lower forward price-to-earnings multiple, according to LSEG. And Microsoft is the only major cloud player that Bank of America said could see cash flow in excess of capital expenditures this fiscal year.</p><p>Meanwhile, Oracle&#39;s stock trades below its three-year average forward P/E. D.A. Davidson analyst Gil Luria wrote that fears of AI disruption have become overblown, and he upgraded Oracle&#39;s stock to a buy rating from neutral on Monday. Luria said Oracle&#39;s products &#34;will not be vibe coded away.&#34;</p><p>The recent selloff may have handed investors a compelling entry point into two software giants as they enter into their next phase of AI-led growth.</p><h2 id=\"id_2447651730\">A broad screen for software stocks</h2><p>To take a deeper look at software companies, we began with the S&amp;P Composite 1500 Index XX:SP1500, which is made up of the S&amp;P 500, the S&amp;P MidCap 400 Index MID and the S&amp;P Small Cap 600 Index SML.</p><p>For the screen, we used consensus revenue and earnings-per-share estimates from analysts polled by LSEG for calendar years, with adjustments for companies (such as Oracle) whose fiscal reporting periods don&#39;t match the calendar.</p><p>We confined the screen to companies covered by at least five analysts polled by LSEG and to those expected to be profitable in 2026 and 2027. This left us with a list of 55 stocks. Here are the 15 remaining companies with the highest projected compound annual growth rates (CAGR) for revenue from calendar 2025 through 2027, based on consensus estimates:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/658cdbec70dc5dbc7442986b7deea087\" tg-width=\"650\" tg-height=\"886\"/></p><p>Palantir Technologies (PLTR) tops the list with a projected sales CAGR of 51.6% from 2025 through 2027. That compares with a weighted projected revenue CAGR of 7.7% for the S&amp;P 500 and 18.6% for the S&amp;P 500&#39;s information-technology sector.</p><p>But Palantir trades at a forward P/E of 100.7. That is the most recent closing share price divided by the consensus EPS estimate for the next 12 months. The valuation is way down from a forward P/E of 173.1 as of Dec. 31, but it is still very high compared with the weighted forward P/E of 22.4 for the S&amp;P 500 and 26.1 for the IT sector.</p><p>Among the analysts who believe in Palantir&#39;s long-term investment case is William Blair analyst Louie DiPalma. &#34;Palantir won us over,&#34; he wrote in a note to clients last week after the company reported its fourth-quarter results. He expects the shares to return to about $200, where they were in November. The stock closed at $142.91 on Monday.</p><p>Palantir&#39;s growth provides &#34;a longer-term view to valuation,&#34; DiPalma wrote. Citing the company&#39;s 70% increase in fourth-quarter revenue and its adjusted operating margin of 57%, he concluded: &#34;There is no public software company or defense contractor even remotely in that vicinity.&#34;</p><p>There is an argument for investors to look beyond Palantir&#39;s current high P/E valuation and remain committed to long-term growth.</p><p>Next up by sales CAGR is Oracle, which trades at a forward P/E of 20.2. That is a low valuation for this list, especially considering that Oracle&#39;s projected two-year sales CAGR is 33.4%, versus 7.8% for the S&amp;P 500 and 18.6% for the IT sector.</p><p>Oracle&#39;s stock price shot up in September, when the company discussed several multibillion-dollar contract signings and teased more to come in the subsequent months. For calendar 2025, analysts polled by LSEG estimate that the company&#39;s revenue increased 13.8% to $62.8 billion. They expect sales to increase by 24.9% in calendar 2026 and then by another 42.5% in calendar 2027.</p><p>Shares of Oracle are down 55% from their September peak due to investor concerns regarding the company&#39;s debt levels and its reliance on OpenAI.</p><p>The stock climbed 10% on Monday, with investors seemingly more confident about Oracle&#39;s funding plans and OpenAI&#39;s aims to improve monetization. Much of that relief stems from Oracle&#39;s $25 billion bond sale last week. As the company&#39;s only planned debt issuance for the year, the offering cleared a significant overhang over the stock.</p><p>At current levels, Oracle&#39;s valuation is ascribing &#34;negative value&#34; to the company&#39;s relationship with OpenAI, Luria wrote on Monday, meaning that the relatively low P/E is only reflecting the value of Oracle&#39;s legacy software and database business. As such, investors are effectively being gifted the potential upside of the cloud infrastructure division, by Luria&#39;s analysis, provided that Oracle can successfully convert its massive contract backlog into revenue.</p><p>Further down the list is Microsoft, with a two-year projected sales CAGR of 15.9% and a forward P/E of 22.7. The stock trades a bit higher than the S&amp;P 500&#39;s P/E of 22.4, but its two-year sales-growth projection is more than twice that of the index.</p><p>Despite Azure revenue growing 39% year-over-year last quarter, the cloud segment fell short of investor expectations, leading the stock to fall 14% since Microsoft reported earnings on Jan. 28. BNP Paribas analyst Stefan Slowinski wrote last week that Microsoft should further accelerate cloud growth as it brings more capacity online.</p><p>Additionally, Microsoft&#39;s free-cash-flow profile is shaping up to be the most resilient among the Big Tech hyperscalers, meaning that Microsoft will have more cash to deploy through buybacks, which can boost EPS as share counts decline. Slowinski anticipated Microsoft&#39;s free-cash-flow margins to be around 22%, with other hyperscalers &#34;potentially at 5% or lower.&#34; Microsoft&#39;s spending strategy could position it as &#34;the more disciplined player&#34; as investors demand a return on investment on these multibillion-dollar AI investments, Slowinski added.</p><p>Jefferies analyst Brent Thill recently wrote that Microsoft&#39;s valuation was attractive and below other hyperscalers, such as <a href=\"https://laohu8.com/S/AMZN\">Amazon</a> (AMZN), with a forward P/E of 25.7 and Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>, with a forward P/E of 27.6.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft And Oracle May Be Bargain Stocks, According To This Analysis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft And Oracle May Be Bargain Stocks, According To This Analysis\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-02-10 21:23</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The recent pressure on the software sector means some stocks backed by strong fundamentals are now trading at bargain levels.</p><p>Two high-profile examples are Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and Oracle <a href=\"https://laohu8.com/S/ORCL\">$(ORCL)$</a>, whose shares have fallen in recent months over dual concerns around massive artificial-intelligence spending and a potential slowdown in their software businesses. But that means these stocks now trade at attractive price/earnings multiples compared with the S&amp;P 500 SPX, and with much better two-year projections for sales growth than the index as a whole.</p><p>Microsoft&#39;s stock is also cheap by Big Tech standards. Within the &#34;Magnificent Seven&#34; stocks, only <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> (META) has a lower forward price-to-earnings multiple, according to LSEG. And Microsoft is the only major cloud player that Bank of America said could see cash flow in excess of capital expenditures this fiscal year.</p><p>Meanwhile, Oracle&#39;s stock trades below its three-year average forward P/E. D.A. Davidson analyst Gil Luria wrote that fears of AI disruption have become overblown, and he upgraded Oracle&#39;s stock to a buy rating from neutral on Monday. Luria said Oracle&#39;s products &#34;will not be vibe coded away.&#34;</p><p>The recent selloff may have handed investors a compelling entry point into two software giants as they enter into their next phase of AI-led growth.</p><h2 id=\"id_2447651730\">A broad screen for software stocks</h2><p>To take a deeper look at software companies, we began with the S&amp;P Composite 1500 Index XX:SP1500, which is made up of the S&amp;P 500, the S&amp;P MidCap 400 Index MID and the S&amp;P Small Cap 600 Index SML.</p><p>For the screen, we used consensus revenue and earnings-per-share estimates from analysts polled by LSEG for calendar years, with adjustments for companies (such as Oracle) whose fiscal reporting periods don&#39;t match the calendar.</p><p>We confined the screen to companies covered by at least five analysts polled by LSEG and to those expected to be profitable in 2026 and 2027. This left us with a list of 55 stocks. Here are the 15 remaining companies with the highest projected compound annual growth rates (CAGR) for revenue from calendar 2025 through 2027, based on consensus estimates:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/658cdbec70dc5dbc7442986b7deea087\" tg-width=\"650\" tg-height=\"886\"/></p><p>Palantir Technologies (PLTR) tops the list with a projected sales CAGR of 51.6% from 2025 through 2027. That compares with a weighted projected revenue CAGR of 7.7% for the S&amp;P 500 and 18.6% for the S&amp;P 500&#39;s information-technology sector.</p><p>But Palantir trades at a forward P/E of 100.7. That is the most recent closing share price divided by the consensus EPS estimate for the next 12 months. The valuation is way down from a forward P/E of 173.1 as of Dec. 31, but it is still very high compared with the weighted forward P/E of 22.4 for the S&amp;P 500 and 26.1 for the IT sector.</p><p>Among the analysts who believe in Palantir&#39;s long-term investment case is William Blair analyst Louie DiPalma. &#34;Palantir won us over,&#34; he wrote in a note to clients last week after the company reported its fourth-quarter results. He expects the shares to return to about $200, where they were in November. The stock closed at $142.91 on Monday.</p><p>Palantir&#39;s growth provides &#34;a longer-term view to valuation,&#34; DiPalma wrote. Citing the company&#39;s 70% increase in fourth-quarter revenue and its adjusted operating margin of 57%, he concluded: &#34;There is no public software company or defense contractor even remotely in that vicinity.&#34;</p><p>There is an argument for investors to look beyond Palantir&#39;s current high P/E valuation and remain committed to long-term growth.</p><p>Next up by sales CAGR is Oracle, which trades at a forward P/E of 20.2. That is a low valuation for this list, especially considering that Oracle&#39;s projected two-year sales CAGR is 33.4%, versus 7.8% for the S&amp;P 500 and 18.6% for the IT sector.</p><p>Oracle&#39;s stock price shot up in September, when the company discussed several multibillion-dollar contract signings and teased more to come in the subsequent months. For calendar 2025, analysts polled by LSEG estimate that the company&#39;s revenue increased 13.8% to $62.8 billion. They expect sales to increase by 24.9% in calendar 2026 and then by another 42.5% in calendar 2027.</p><p>Shares of Oracle are down 55% from their September peak due to investor concerns regarding the company&#39;s debt levels and its reliance on OpenAI.</p><p>The stock climbed 10% on Monday, with investors seemingly more confident about Oracle&#39;s funding plans and OpenAI&#39;s aims to improve monetization. Much of that relief stems from Oracle&#39;s $25 billion bond sale last week. As the company&#39;s only planned debt issuance for the year, the offering cleared a significant overhang over the stock.</p><p>At current levels, Oracle&#39;s valuation is ascribing &#34;negative value&#34; to the company&#39;s relationship with OpenAI, Luria wrote on Monday, meaning that the relatively low P/E is only reflecting the value of Oracle&#39;s legacy software and database business. As such, investors are effectively being gifted the potential upside of the cloud infrastructure division, by Luria&#39;s analysis, provided that Oracle can successfully convert its massive contract backlog into revenue.</p><p>Further down the list is Microsoft, with a two-year projected sales CAGR of 15.9% and a forward P/E of 22.7. The stock trades a bit higher than the S&amp;P 500&#39;s P/E of 22.4, but its two-year sales-growth projection is more than twice that of the index.</p><p>Despite Azure revenue growing 39% year-over-year last quarter, the cloud segment fell short of investor expectations, leading the stock to fall 14% since Microsoft reported earnings on Jan. 28. BNP Paribas analyst Stefan Slowinski wrote last week that Microsoft should further accelerate cloud growth as it brings more capacity online.</p><p>Additionally, Microsoft&#39;s free-cash-flow profile is shaping up to be the most resilient among the Big Tech hyperscalers, meaning that Microsoft will have more cash to deploy through buybacks, which can boost EPS as share counts decline. Slowinski anticipated Microsoft&#39;s free-cash-flow margins to be around 22%, with other hyperscalers &#34;potentially at 5% or lower.&#34; Microsoft&#39;s spending strategy could position it as &#34;the more disciplined player&#34; as investors demand a return on investment on these multibillion-dollar AI investments, Slowinski added.</p><p>Jefferies analyst Brent Thill recently wrote that Microsoft&#39;s valuation was attractive and below other hyperscalers, such as <a href=\"https://laohu8.com/S/AMZN\">Amazon</a> (AMZN), with a forward P/E of 25.7 and Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>, with a forward P/E of 27.6.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0080751232.USD":"富达环球多元动力基金A","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","SG9999011175.SGD":"Nikko AM Global Dividend Equity Dis SGD-H","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","BK4613":"AI应用软件","BK4612":"AI芯片","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","BK4532":"文艺复兴科技持仓","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU1181866309.USD":"摩根大通环球策略总报酬基金A (acc)","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0095938881.EUR":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) EUR","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","BK4534":"瑞士信贷持仓","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","BK4535":"淡马锡持仓","LU1334329650.SGD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) SGD-H","MSFT":"微软","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","BK4538":"云计算","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","BK4097":"系统软件","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999002232.USD":"Allianz Global High Payout USD","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU1046421795.USD":"富达环球科技A-ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4507":"流媒体概念","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2211817866.USD":"Allianz Food Security AT Acc USD","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","BK4567":"ESG概念","LU0072462426.USD":"贝莱德全球配置 A2","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","BK4503":"景林资产持仓","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4566":"资本集团","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4504":"桥水持仓","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","BK4561":"索罗斯持仓","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0894485498.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU1188199696.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","BK4543":"AI","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0960925559.SGD":"Schroder ISF Global Multi-Asset Income A Acc SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0879622024.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD-H","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","BK4516":"特朗普概念","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4547":"WSB热门概念","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","BK4592":"伊斯兰概念","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","BK4554":"元宇宙及AR概念","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4576":"AR","BK4077":"互动媒体与服务","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","ORCL":"甲骨文","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU1228905540.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC 2","BK4559":"巴菲特持仓","BK4596":"哈里斯概念","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","BK4550":"红杉资本持仓","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0557290698.USD":"施罗德环球可持续增长基金","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","BK4528":"SaaS概念","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU1236620750.USD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","BK4525":"远程办公概念","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","BK4524":"宅经济概念","BK4604":"机器人概念","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4527":"明星科技股","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","BK4577":"网络游戏","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","BK4579":"人工智能","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4581":"高盛持仓","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0757359368.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD)  ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4023":"应用软件","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0757359954.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD) INC MF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4159":"经销商","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0171293334.USD":"贝莱德英国基金A2","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","BK4122":"互联网与直销零售","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU0109392836.USD":"富兰克林科技股A","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0444971666.USD":"天利全球科技基金","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0823411888.USD":"法巴消费创新基金 Cap","BK4585":"ETF&股票定投概念","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","BK4587":"ChatGPT概念","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1228905037.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) ACC","LU0871640123.AUD":"BGF GLOBAL MULTI-ASSET INC \"A8\" (AUD HDG) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4588":"碎股","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1883839398.USD":"AMUNDI FUNDS INCOME OPPORTUNITIES \"A2\" (USD) ACC","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","LU1235295455.SGD":"Fidelity Global Multi Asset Growth & Income A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1032466523.USD":"高盛全球多资产收益组合Acc","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4220":"综合零售","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1989763005.USD":"东方汇理教育基金A2 Acc","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2610201628","content_text":"The recent pressure on the software sector means some stocks backed by strong fundamentals are now trading at bargain levels.Two high-profile examples are Microsoft $(MSFT)$ and Oracle $(ORCL)$, whose shares have fallen in recent months over dual concerns around massive artificial-intelligence spending and a potential slowdown in their software businesses. But that means these stocks now trade at attractive price/earnings multiples compared with the S&P 500 SPX, and with much better two-year projections for sales growth than the index as a whole.Microsoft's stock is also cheap by Big Tech standards. Within the \"Magnificent Seven\" stocks, only Meta Platforms (META) has a lower forward price-to-earnings multiple, according to LSEG. And Microsoft is the only major cloud player that Bank of America said could see cash flow in excess of capital expenditures this fiscal year.Meanwhile, Oracle's stock trades below its three-year average forward P/E. D.A. Davidson analyst Gil Luria wrote that fears of AI disruption have become overblown, and he upgraded Oracle's stock to a buy rating from neutral on Monday. Luria said Oracle's products \"will not be vibe coded away.\"The recent selloff may have handed investors a compelling entry point into two software giants as they enter into their next phase of AI-led growth.A broad screen for software stocksTo take a deeper look at software companies, we began with the S&P Composite 1500 Index XX:SP1500, which is made up of the S&P 500, the S&P MidCap 400 Index MID and the S&P Small Cap 600 Index SML.For the screen, we used consensus revenue and earnings-per-share estimates from analysts polled by LSEG for calendar years, with adjustments for companies (such as Oracle) whose fiscal reporting periods don't match the calendar.We confined the screen to companies covered by at least five analysts polled by LSEG and to those expected to be profitable in 2026 and 2027. This left us with a list of 55 stocks. Here are the 15 remaining companies with the highest projected compound annual growth rates (CAGR) for revenue from calendar 2025 through 2027, based on consensus estimates:Palantir Technologies (PLTR) tops the list with a projected sales CAGR of 51.6% from 2025 through 2027. That compares with a weighted projected revenue CAGR of 7.7% for the S&P 500 and 18.6% for the S&P 500's information-technology sector.But Palantir trades at a forward P/E of 100.7. That is the most recent closing share price divided by the consensus EPS estimate for the next 12 months. The valuation is way down from a forward P/E of 173.1 as of Dec. 31, but it is still very high compared with the weighted forward P/E of 22.4 for the S&P 500 and 26.1 for the IT sector.Among the analysts who believe in Palantir's long-term investment case is William Blair analyst Louie DiPalma. \"Palantir won us over,\" he wrote in a note to clients last week after the company reported its fourth-quarter results. He expects the shares to return to about $200, where they were in November. The stock closed at $142.91 on Monday.Palantir's growth provides \"a longer-term view to valuation,\" DiPalma wrote. Citing the company's 70% increase in fourth-quarter revenue and its adjusted operating margin of 57%, he concluded: \"There is no public software company or defense contractor even remotely in that vicinity.\"There is an argument for investors to look beyond Palantir's current high P/E valuation and remain committed to long-term growth.Next up by sales CAGR is Oracle, which trades at a forward P/E of 20.2. That is a low valuation for this list, especially considering that Oracle's projected two-year sales CAGR is 33.4%, versus 7.8% for the S&P 500 and 18.6% for the IT sector.Oracle's stock price shot up in September, when the company discussed several multibillion-dollar contract signings and teased more to come in the subsequent months. For calendar 2025, analysts polled by LSEG estimate that the company's revenue increased 13.8% to $62.8 billion. They expect sales to increase by 24.9% in calendar 2026 and then by another 42.5% in calendar 2027.Shares of Oracle are down 55% from their September peak due to investor concerns regarding the company's debt levels and its reliance on OpenAI.The stock climbed 10% on Monday, with investors seemingly more confident about Oracle's funding plans and OpenAI's aims to improve monetization. Much of that relief stems from Oracle's $25 billion bond sale last week. As the company's only planned debt issuance for the year, the offering cleared a significant overhang over the stock.At current levels, Oracle's valuation is ascribing \"negative value\" to the company's relationship with OpenAI, Luria wrote on Monday, meaning that the relatively low P/E is only reflecting the value of Oracle's legacy software and database business. As such, investors are effectively being gifted the potential upside of the cloud infrastructure division, by Luria's analysis, provided that Oracle can successfully convert its massive contract backlog into revenue.Further down the list is Microsoft, with a two-year projected sales CAGR of 15.9% and a forward P/E of 22.7. The stock trades a bit higher than the S&P 500's P/E of 22.4, but its two-year sales-growth projection is more than twice that of the index.Despite Azure revenue growing 39% year-over-year last quarter, the cloud segment fell short of investor expectations, leading the stock to fall 14% since Microsoft reported earnings on Jan. 28. BNP Paribas analyst Stefan Slowinski wrote last week that Microsoft should further accelerate cloud growth as it brings more capacity online.Additionally, Microsoft's free-cash-flow profile is shaping up to be the most resilient among the Big Tech hyperscalers, meaning that Microsoft will have more cash to deploy through buybacks, which can boost EPS as share counts decline. Slowinski anticipated Microsoft's free-cash-flow margins to be around 22%, with other hyperscalers \"potentially at 5% or lower.\" Microsoft's spending strategy could position it as \"the more disciplined player\" as investors demand a return on investment on these multibillion-dollar AI investments, Slowinski added.Jefferies analyst Brent Thill recently wrote that Microsoft's valuation was attractive and below other hyperscalers, such as Amazon (AMZN), with a forward P/E of 25.7 and Alphabet $(GOOGL)$, with a forward P/E of 27.6.","news_type":1,"symbols_score_info":{"ORCL":2,"MSFT":2}},"isVote":1,"tweetType":1,"viewCount":504,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["ORCL","MSFT"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":239,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/531407007769824"}